Nomura Research Institute raised its forecast for the year to March 2027 on 29 October, citing demand for modernising existing systems on an AI footing and for digital security. Revenue is now guided at ¥870bn, up from ¥850bn, and operating profit at ¥180bn, up from ¥175bn. Profit attributable to owners of the parent is guided at ¥123bn, up from ¥119bn.
What NRI says is driving orders
The company's stated reason is short: information-systems investment demand is expanding, centred on AI-premised modernisation and digital security, and results are running firmly. It revised the forecast in light of current orders. These are NRI's own descriptions of demand, not a measure of IT spending across Japan.
Where the interim numbers point
For the six months to September, revenue rose 8.3% to ¥429.9bn and operating profit rose 12.0% to ¥88.3bn. The IT infrastructure services segment grew revenue 11.8% to ¥119.2bn, with NRI pointing to digital security and digital workplace businesses; its operating profit rose 17.8%. Financial IT solutions lifted operating profit 17.7% to ¥42.3bn, which NRI attributes to a favourable order environment and more operating-service work.
Consulting is the exception. Its operating profit fell 6.8% as some projects shrank and utilisation dropped, and NRI cut its full-year consulting revenue forecast to ¥66bn from ¥70bn.
Caveats and dividend
NRI also warns that inflation, higher domestic interest rates, the Middle East and natural disasters could suppress corporate investment if the economy or company earnings weaken.
The dividend is secondary. The year-end forecast rises ¥4 to ¥46 a share, taking the annual forecast to ¥88, which implies a consolidated payout ratio of 40.1% against NRI's guideline of about 40%.